Citibank to Cut 50,000 Jobs

By Kevin Spak,  Newser Staff
Posted Nov 17, 2008 8:19 AM CST
In this Sept. 18, 2008 file photo, showing the exterior of Citigroup offices in San Francisco.   (AP Photo/Paul Sakuma, file)
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(Newser) – Citigroup plans to slash more than 50,000 jobs, roughly 14% of its workforce, the company announced today, in an effort to shed expenses during the economic downturn. The cuts are in addition to the 23,000 heads that have already rolled this year, Bloomberg reports. Citi stock fell 19% last week, and is down 68% on the year. The nation's fourth-largest bank says the moves will forward its goal of cutting expenses by 20% in 2009.